The financial sector is facing rapid and irreversible changes across technology, digitisation and customer expectations. The speed and scope of these changes – coupled with aggressive non-bank competitors – will fundamentally change the banking and insurance business in the coming years.

Fintech is changing the way financial consumers and service providers interact. Big data and Artificial intelligence are supporting new services, risk assessments and a more efficient treatment of insurance claims. And robo-advice increases the accessibility and affordability of advice and support for consumers seeking to invest their savings.

But these innovations bring opportunities, as well as risks and challenges. We have to guarantee the stability of the financial system, assure that personal information stays private and protect IT-systems against cyber-attacks.